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Powerball Annuity Jackpot Analysis for Iowa

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $166,000,000 would be for a resident of Iowa, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Iowa

Drawing Date:  Sat, Apr 27, 2019
Jackpot:$166,000,000
Federal Tax:  24%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$2,498,538$599,649$124,927$1,773,962
2$2,623,465$629,632$131,173$1,862,660
3$2,754,638$661,113$137,732$1,955,793
4$2,892,370$694,169$144,619$2,053,583
5$3,036,989$728,877$151,849$2,156,262
6$3,188,838$765,321$159,442$2,264,075
7$3,348,280$803,587$167,414$2,377,279
8$3,515,694$843,767$175,785$2,496,143
9$3,691,479$885,955$184,574$2,620,950
10$3,876,053$930,253$193,803$2,751,998
11$4,069,856$976,765$203,493$2,889,597
12$4,273,348$1,025,604$213,667$3,034,077
13$4,487,016$1,076,884$224,351$3,185,781
14$4,711,367$1,130,728$235,568$3,345,070
15$4,946,935$1,187,264$247,347$3,512,324
16$5,194,282$1,246,628$259,714$3,687,940
17$5,453,996$1,308,959$272,700$3,872,337
18$5,726,695$1,374,407$286,335$4,065,954
19$6,013,030$1,443,127$300,652$4,269,251
20$6,313,682$1,515,284$315,684$4,482,714
21$6,629,366$1,591,048$331,468$4,706,850
22$6,960,834$1,670,600$348,042$4,942,192
23$7,308,876$1,754,130$365,444$5,189,302
24$7,674,319$1,841,837$383,716$5,448,767
25$8,058,035$1,933,928$402,902$5,721,205
26$8,460,937$2,030,625$423,047$6,007,266
27$8,883,984$2,132,156$444,199$6,307,629
28$9,328,183$2,238,764$466,409$6,623,010
29$9,794,592$2,350,702$489,730$6,954,161
30$10,284,322$2,468,237$514,216$7,301,869
Total$166,000,000$39,840,000$8,300,000$117,860,000
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